Thailand s Home Mortgage Market

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1 Khan Prachuabmoh, President Government Housing Bank Thailand 25 th Anniversary Celebration International Housing Financing Program The Wharton School, University of Pennsylvania June 18,

2 Brief overview of the Thai housing-mortgage market How Thailand successfully managed economy and housing industry immediately after 2008 global economic crisis Future developments in Thailand and how we are coping with global and local regulatory environments 2

3 Brief history Government Housing Bank (GH Bank) was established as a state enterprise in 1953 Accepted public deposits - lending restricted to housing Chartered to buy or acquire and sub-divide land, and developing housing projects for sale to the public Bankers and developers 3

4 Mobilizing deposits - difficult Initially - difficulty mobilizing deposits Couldn t compete - commercial bank s branch networks GH Banks didn t begin growing until 1980s 4

5 Land registration system Thai mortgage system underpinned by strong land registration system - in place for more than a century Land mortgages very secure and convenient for land owners, banks and borrowers Land title transfers and mortgaging done in less than day without lawyers and real estate agents Land offices nationwide 5

6 Long-term loans as early as year fixed-rate mortgage loans Loans funded by government guaranteed bonds and overseas foreign currency long-term loans Funding method short-lived: governments reluctant to issuing guarantees exchange rate problems GH Bank s mortgage lending severely limited homebuyers had to wait years to access GH Bank mortgage loans 6

7 1980s Special Deposit Accounts Introduced Special Deposit Accounts paid higher than commercial bank interest rates Highly successful GH Bank expanded no more funding problems No longer financed construction loans GH Bank branded as primary Thai home loan lender 7

8 Thailand s largest home loan provider GH Bank becomes Thailand s leading home mortgage provider, particular for middle and low income purchasers 36.8 per cent of home loans outstanding Total asset Bt692 billion ($US20.9 billion (12/31/09); loans outstanding Bt647 billion ($19.6 billion); about 1.6 million borrowers 8

9 Cutting-edge technology Basel Accords commercial banks enter market Staying ahead of the competition cutting-edge IT systems GH Bank closes more than 500 new housing loans every day all over the country 9

10 Managing interest and credit risks Variable-rate mortgages to hedge interest rate risks Most loans 20 to 30 year amortization periods Initial interest rates will be fixed for short periods of two or three years - then adjusted periodically to market rates 10

11 Credit risk mitigation Credit risks rise with climbing interest rates Innovative programs address potential problems early Adjustable term mortgages monthly payments constant loan-terms automatically adjusted Additional two per cent payment margin mitigate future payment shocks 11

12 GH Bank s dual role Helping many Thai people as possible acquire their dream homes Important government policy-arm to drive economic recovery during down business-cycles 12

13 GH Bank s policy role After 1997 Asian financial crisis, GH Bank implemented several government-led housing programs Benefited more than 100,000 middle-income home-buyers - revived moribund housing development industry - ultimately drove economic recovery 13

14 Post 1997 major reforms Thailand undertook major reforms throughout society Credit Bureau established Closed down weak financial institutions and companies Much stronger corporate governance regimes Balance sheets strengthened with new capital 14

15 Developing information and knowledge base Reason for 1997 housing bubble lack of accurate and up-to date housing information Thai government set up Real Estate Information Center (REIC) Developers, financial institutions and industry stakeholders have direct access to such information through the REIC 15

16 Impact of current global crisis GDP growth rate plunged in 2008 to 2.6 per cent compared to 4.9 per cent in 2007 Thai economy closely linked and integrated into the global economy - experienced systemic and contagion risks Export sector shrank, tourism severely affected Thai government asked GH Bank to implement housing stimulus policies key to driving economic recovery 16

17 Government stimulus packages: 2008 and 2009 Thai government stimulus measures Many directed at the housing industry, especially for middle and low-income purchasers GH Bank increase targeted housing loans in 2009 from Bt73.5 billion ($US2.23 billion) to Bt100 billion ($US3.09 billion) Bt102 billion ($US3.09 billion) new loans

18 International regulatory compliance GH Bank 100 per owned by Ministry of Finance Long-term sustainability through good and bad business environments Do what s best for the country and GH Bank Example: IAS 39 delay implementation for two years Now 100 per cent compliant 18

19 Basel III Overall goal strengthen financial institutions Raise capital and liquidity Thailand corporate governance changes since 1997 Major emphasis on risk and liquidity management 19

20 HM the King s Sufficiency Economy Philosophy Three key principles Moderation, reasonableness and self-immunity 20

21 Thank You 21

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